Conduent stock down 14.21%
The shares of Business Process Outsourcing (BPO) provider Conduet dropped by 14.21% on May 4 at 8:00 p.m. eastern time (ET).
The company said the declines were primarily related to a reduction in government stimulus spending from a year ago.
Specifically, Conduent reported a six per cent revenue decline to $967 million year-on-year, and adjusted its earnings per share of $0.10 (down 33% year over year) in Q1 2022.
Despite the drop in its stocks, Conduent reaffirmed its full-year 2022 outlook of $3.83 billion to $3.98 billion, which would represent a 4.4% decrease from 2021 at the midpoint.
Adjusted EBITDA profit margin is also expected to be about 10%, less than the 11% margin last year.
Conduent provides software to improve business and organization efficiency. It recently sold its its Midas healthcare segment to Software developer symplr for $340 million in cash.
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